Participation in Second Wind Power IPP Project in Egypt
～Contributing to the further expansion of renewable energy in Egypt～

Eurus Energy Holdings Corporation ("Eurus Energy") and Toyota Tsusho Corporation ( "Toyota Tsusho") announced today they have committed to build, own, and operate a 504MW wind power plant in the Arab Republic of Egypt ("Egypt"), where we will participate in consortium of sponsors to sell electricity as an independent power producer (IPP). This is the second wind power generation project for Eurus Energy and Toyota Tsusho in Egypt, following our Gulf of Suez Wind Farm (263MW).

１．Background

Egypt’s electricity demand is expected to continue growing at a stable rate, requiring the construction of new power plants and expansion of existing sites to keep pace with the growth.
While Egypt currently relies on thermal power plants for most of its power needs, the Egyptian government has promoted the introduction of renewable energies to better balance its energy mix, with a target of increasing the ratio of power generation from renewable sources up to 42 % of the total generation by 2035.

２．Outline of the Project

Eurus Energy and Toyota Tsusho are managing the project through a joint-venture company, Red Sea Wind Energy S.A.E. (“Red Sea Wind Energy”) together with Engie S.A. (France) and construction company Orascom Construction PLC (Egypt).
The planned site of the power plant on the Gulf of El Zayt, along the coast of the Gulf of Suez, boasts excellent year-round wind conditions.
Construction is expected to begin in March 2023 and commercial operation is scheduled to start at the end of August 2025, followed by 25 years of operation. 

Eurus Energy will develop this project in cooperation with Toyota Tsusho and will continue to contribute to the expansion of renewable energy sources and economic development in Egypt.

Project site

Project overview